Phoenix, AZ – CopperPoint Mutual Insurance Company recently announced that it has filed a plan with the Arizona Department of Insurance to change its corporate structure to a mutual holding company.
The plan was recently approved by the company’s board of directors and filed with the Arizona Department of Insurance (DOI) on January 12, 2018. The plan is subject to DOI review and approval, as well as approval of existing member policyholders of CopperPoint Mutual Insurance Company.
CopperPoint is pursuing this strategy to:
- Create a company structure that offers greater opportunity for growth, organizational and financial flexibility while retaining a focus on delivering best-in-class coverage to agency partners.
- Extend mutual membership to policyholders of other CopperPoint insurance companies (mutual membership currently limited to policyholders of CopperPoint Mutual).
- Support the company’s journey to become a top-tier regional commercial insurer.
The CopperPoint culture, community focus, brand, management team and directors remains unchanged by the new corporate structure. This transition will not disrupt or change the coverage or service provided under CopperPoint policies and will not affect CopperPoint’s relationships with agents, brokers and other business partners. CopperPoint will be owned 100% by policyholders, both before and after the transaction.
CopperPoint’s member policyholders will vote on the conversion plan in advance of the company’s annual meeting in June 2018. Detailed information will be provided to members in advance of the annual meeting. In the interim, email firstname.lastname@example.org with any questions.
Source: CopperPoint Mutual Insurance Co